The readout of the meeting notes that Obama “congratulated the leaders on their upcoming conventions.”
As expected, my post about black female civil rights leaders being left out of the meeting sparked accusations that I am a “hater.” My response: Guilty as charged.
I hate that Wells Fargo was the “Lead Sponsor” of the NAACP’s 101st annual convention. And they’re still hooked up in Los Angeles.
Now check this out: On Wednesday, the Federal Reserve Board ordered Wells Fargo to pay an $85 million fine for steering borrowers with good credit into subprime loans. I hate when that happens.
The order reads:
The $85 million civil money penalty is the largest the Board has assessed in a consumer-protection enforcement action and is the first formal enforcement action taken by a federal bank regulatory agency to address alleged steering of borrowers into high-cost, subprime loans.
The order addresses allegations that Wells Fargo Financial sales personnel steered borrowers who were potentially eligible for prime interest rate loans into loans at higher, subprime interest rates, resulting in greater costs to borrowers. The order also addresses separate allegations that Wells Fargo Financial sales personnel falsified information about borrowers’ incomes to make it appear that the borrowers qualified for loans when they would not have qualified based on their actual incomes.
I have been asked to identify the black women leaders who should have been invited. I will not name names because that would be a betrayal of their trust. Although they know their stuff, they would be ostracized and penalized for breaking the silence.
And I would really hate for that to happen.
UPDATE: The Huffington Post reports the Civil Rights Division of the U.S. Department of Justice is investigating Wells Fargo for “allegedly preying upon African American borrowers during the housing bubble and steering them into high-cost subprime loans.”